International Day of Families – Role of the Family in the Development of an Entrepreneur


Familia, familje, famiglia, familie, pere, rodina, parivaar, kutumbam, family……..the list is perhaps
endless!! The languages may be different but the emotion revolving around the word ‘family’ are similar – What binds a person with his family is mutual love and understanding! A family has a worth of foundation-pillar in the development of society as social laws and norms are the anticipated form of family bonding and strength. So, today on International Day of Family, I take the opportunity to do what needs to be done perhaps each waking moment of our lives – remain thankful for being blessed with a family!

Down the history lane……
The International Family Day is celebrated on 15th May every year since 1994, with the aim of
spreading awareness about the benefits of the family systems to mass. Although each one of stand to benefit in some way or the other through our families, the role of a family in building
entrepreneurs is extremely essential.

Family…the pivotal point for entrepreneurs…..
Entrepreneurs perform a vital function in economic development. They have been referred to as the human agents needed to mobilize capital, to explore natural resources, to create markets and to carry on trade. It might well be said that the entrepreneurial input spells the difference between prosperity and poverty among nations. Hence the role of entrepreneurs is extremely essential to initiate change and aid development in our societies; and family forms a strong pillar of support to uphold this spirit of entrepreneurship.

To begin with, the role of the family on entrepreneurial attitude and intentions has been identified; especially the support of family members in creating positive influence to build desirability to start a business – that is the stepping stone for budding entrepreneurs. It would not be incorrect to recognize family as the oxygen that feeds the fire of entrepreneurship.

Small business owners need a lot of support to succeed, whether it’s financial, operational or
emotional. One of the most important sources of that support for many entrepreneurs is their
family members. People are inherently gregarious and many entrepreneurs face the rigors of the business world either alone or with a small staff of dedicated employees. Families provide that support system that can help entrepreneurs face stress, balance work and play, and generally keep a sense of perspective even amid the stress. Your family can help in eradicating any sense of loneliness which may arise at any given point of time – both, personally as well as professionally.

Apart from this, entrepreneurs can use funding from family to help with their business and that too without carrying the burden of paying added interest! This can be a great help in supporting your entrepreneurial endeavour, and a great stress buster too. Again, if your family members are involved in your business, that is an added advantage you would have. You can also use your status as a family business to differentiate you from the competition and the crowd. As someone has wisely spoken, ‘A family business is a never-ending joyous journey, one that is continually evolving…’

It is noteworthy that though most family members may not be directly involved in your business, but more or less they will be equally emotionally attached to it. Although they do not represent the formal family link to the business, either through employment or ownership, nevertheless they constitute an important part of the family firm system. Most importantly, the aid and assistance provided by such family members who are not directly involved in the business is of immense value especially in the start-up stage, and the subsequent years. The rapidity of their help and its low or non-existent cost is vital, especially when entrepreneurs face turbulent times!

So, I sign off here today by simply reiterating; your accomplishments in business will not be on your tombstone, but your family will be. Family is not an important thing…it is EVERYTHING!!

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